AGENCE FRANCE TRESOR is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer.
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AFT’s supervisory duties  

Goal: maintain risk management quality standards and minimise incidents.

The internal audit and risk management system must comply with market standards with regard to negotiable debt, cash, derivatives and trades on behalf of third parties. The system should spot issues and incidents that could disrupt debt and cash transactions as early as possible, avoid them and assess their impact. The system’s scope also depends on the diversity of AFT’s transactions, the payment circuits used and the international nature of its counterparties.

Two sets of indicators have been developed to assess whether or not this goal is achieved.

Quality indicators relating to aft’s audit system

  • First indicator: lists the number of incidents or breaches of AFT’s internal rules (risk ceilings, authorisations or internal controls breached).
  • Second indicator: iassessment by an external auditor (KPMG) for 2014 based on a verification of AFT’s procedures vis-à-vis its activities and related risks. The Order of November 3, 2014 relating to internal controls in the banking sector will become the benchmark as of 2015 for AFT’s system.

Indicators tracking debt and cash transaction execution incidents

  • First indicator: the number of incidents that have an adverse impact on the Banque de France account balance.
  • Second indicator: the number of incidents that have a zero or positive impact on the account balance.
  • Third indicator: the number of incidents relating to the systems involved in managing transaction, compliance incidents, or other types of incident such as non-compliance with internal operating procedures.